Inquiry Regarding Leasing a Townhouse Maisonette Property to the Council, in a commuter town in the west of Ireland
I am seeking some guidance and insights regarding the possibility of leasing my Townhouse maisonette property to the council, specifically under the Long Term Leasing Scheme. I have done some research, but there are still some aspects that I find a bit confusing, and I'm hoping some of you might have experience or information to share.
**Property Description:**
My property is a Townhouse maisonette comprising a ground floor 1-bedroom apartment and a first-floor 3-bedroom apartment. Currently, there is no mortgage on the property. (But if I secured a 10 year lease I might seek a loan to renovate another property that I own to live in, also no mortgage on this dwelling either)
**Long Term Leasing Scheme (LTLS):**
From what I understand, the Long Term Leasing Scheme offers the advantage, such as guaranteed rental payments, the potential for 80% of the market rate, rent reviews every couple of years, and market rate determination based on similar properties listed on Daft in the area at the beginning of the lease and during reviews.
**RAS Scheme vs. LTLS:**
One of the key distinctions I'm trying to grasp is the difference between the RAS Scheme and the Long Term Leasing Scheme. I've heard concerns about the RAS Scheme allowing rental payments to fall into arrears, potentially leaving landlords to address the issue with tenants. With LTLS, it seems rental payment agreements are guaranteed. Can anyone shed more light on this?
**Property Maintenance and Condition:**
I also understand that under LTLS, the council accepts responsibility for internal repairs during the 10-year lease period. However, there seems to be some ambiguity regarding property condition when returned after 10 years. Has anyone encountered situations where the property had more than wear and tear damages? (Also I feel when it is your own property you still have to be realistic and keep an eye on the condition of the building yourself over the years so things don't get really out of hand)
**Returning the Property After 10 Years:**
I've heard that reclaiming your property after the 10-year LTLS agreement might not be straightforward. Can anyone provide insights or share experiences related to this process?
**BER Rating Upgrade:**
I understand that the BER (Building Energy Rating) of a property can be a factor in certain leasing or rental schemes, including the Long Term Leasing Scheme (LTLS). Although my property is well-maintained, I'm concerned that its current BER rating might not meet the necessary requirements. Has anyone here had to upgrade their property's BER rating to comply with such schemes? If so, could you share your experiences, including any challenges or costs involved?
**Difficulty in Attaining Building Insurance:**
I've also heard about potential challenges related to obtaining building insurance for properties involved in leasing schemes, like LTLS. How did you navigate this issue?
Finally, Thank you all in advance for reading & if you have any pointers good or bad thank you for that too.
I am seeking some guidance and insights regarding the possibility of leasing my Townhouse maisonette property to the council, specifically under the Long Term Leasing Scheme. I have done some research, but there are still some aspects that I find a bit confusing, and I'm hoping some of you might have experience or information to share.
**Property Description:**
My property is a Townhouse maisonette comprising a ground floor 1-bedroom apartment and a first-floor 3-bedroom apartment. Currently, there is no mortgage on the property. (But if I secured a 10 year lease I might seek a loan to renovate another property that I own to live in, also no mortgage on this dwelling either)
**Long Term Leasing Scheme (LTLS):**
From what I understand, the Long Term Leasing Scheme offers the advantage, such as guaranteed rental payments, the potential for 80% of the market rate, rent reviews every couple of years, and market rate determination based on similar properties listed on Daft in the area at the beginning of the lease and during reviews.
**RAS Scheme vs. LTLS:**
One of the key distinctions I'm trying to grasp is the difference between the RAS Scheme and the Long Term Leasing Scheme. I've heard concerns about the RAS Scheme allowing rental payments to fall into arrears, potentially leaving landlords to address the issue with tenants. With LTLS, it seems rental payment agreements are guaranteed. Can anyone shed more light on this?
**Property Maintenance and Condition:**
I also understand that under LTLS, the council accepts responsibility for internal repairs during the 10-year lease period. However, there seems to be some ambiguity regarding property condition when returned after 10 years. Has anyone encountered situations where the property had more than wear and tear damages? (Also I feel when it is your own property you still have to be realistic and keep an eye on the condition of the building yourself over the years so things don't get really out of hand)
**Returning the Property After 10 Years:**
I've heard that reclaiming your property after the 10-year LTLS agreement might not be straightforward. Can anyone provide insights or share experiences related to this process?
**BER Rating Upgrade:**
I understand that the BER (Building Energy Rating) of a property can be a factor in certain leasing or rental schemes, including the Long Term Leasing Scheme (LTLS). Although my property is well-maintained, I'm concerned that its current BER rating might not meet the necessary requirements. Has anyone here had to upgrade their property's BER rating to comply with such schemes? If so, could you share your experiences, including any challenges or costs involved?
**Difficulty in Attaining Building Insurance:**
I've also heard about potential challenges related to obtaining building insurance for properties involved in leasing schemes, like LTLS. How did you navigate this issue?
Finally, Thank you all in advance for reading & if you have any pointers good or bad thank you for that too.